Brothers Simon and Paul Davis, who run the Midland Assured Group, have made their fifth property acquisition in the past year – the former Hobdays pet shop in Leamington’s Warwick Street.

The pair bought the site after the pet shop was forced to give up its lease citing a high rates bill and the economic downturn. The Davis brothers’ plans involve restoring the five storey main building and its outhouses into a mixed-use scheme of retail and high quality student apartments around a secure, internal courtyard.

The scheme will see, subject to planning approval, the main building being refurbished and some of the outbuildings replaced and extended to provide a retail unit and accommodation for potentially 17 students.

The first phase, which will begin within the next two months, will be to fully refurbish the retail unit and the upper floors of the main building, with work completed by the start of September 2009. The second phase would start once planning approval has been granted for the redevelopment of the outbuildings.

Paul said: “It’s a great shame that Hobdays has had to leave Leamington after having traded in the town for so long, but we are very pleased to have acquired such an attractive site.”